Soreide Law Group has important information to share with you regarding securities broker Narinder Kaur Singh (CRD#: 3100308, Sacramento, California). Evidently, Singh worked for Transamerica (2016), ProEquities (2016 to 2017) and Farmers Financial Solutions (2018 to 2019). According to a regulatory action dated August 28, 2020, FINRA barred Singh from acting as a securities broker. Moreover, clients of Singh brought disputes alleging sales practice violations.
Evidently, FINRA’s sanctions are the result of an investigation concerning a purportedly sham investment transaction. Supposedly, Singh complied with FINRA’s investigation into this matter, but at some point, he stopped doing so. Although Narinder Singh did not admit or deny the findings, he did ultimately consent to the sanctions. Notably, the duration of this bar is indefinite. Evidently, Singh cannot be a FINRA-member securities broker and cannot associate with FINRA firms effective August 2020.
Evidently, a Transamerica client alleged that Narinder Singh had them invest in an investment contract outside of the firm. The FINRA disclosure dated April 29, 2020 shows that this client asked for $75,000 in damages. Ultimately, Transamerica settled this claim for $45,357.
In a FINRA disclosure dated December 23, 2019, a client alleged that Narinder Singh solicited an investment contract guaranteeing 5 percent interest for a period of 6 months. The client further alleges that he wrote a check to a company controlled by Singh in connection with the transaction. It appears that the claim settled for $7,000.
Moreover, in a September 2019 FINRA Arbitration Claim, a client alleged that Narinder Singh committed breach of contract, breach of fiduciary duty, and misrepresentation. The complaint further alleges that Singh violated Arizona law and committed elder abuse under California Welfare and Institutions Code. Notably, the Arbitration Panel declared that Singh was liable and had to pay $207,620 in compensatory damages and $100,000 in punitive damages. Supposedly, the securities broker has yet to satisfy this award and was subsequently suspended by FINRA in a regulatory action as a result of his failure to pay.
Did securities broker Narinder Singh cause you to suffer losses? If so, call Soreide Law Group at (888) 760-6552 and speak with a skilled securities lawyer regarding a possible recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has helped many United States investors recover compensation after incurring losses caused by their financial advisors and securities brokers. Please note that Singh denies all allegations of his sales practice violations.
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